Hofseth refinances with €300 million ‘green’ loan
Hofseth International, one of Norway’s key mid-sized fish farming and processing companies, has carried out a major refinancing of its capital structure through the issue of a €300 million (£260m) secured green bond.
The company mandated DNB Carnegie as joint lead manager and green bond advisor and SB1 Markets as Joint Lead Manager to arrange a series of fixed income investor meetings commencing today, Monday 13 October.
Hofseth said the net proceeds from the issuance of the new bonds will be applied for eligible green projects in accordance with the company’s Green Financing Framework.
The refinancing is expected to materially reduce the group’s average interest cost, extend the average maturity of its long-term interest-bearing debt, improve its interest rate cover and provide in excess of NOK 1 billion in financial flexibility going forwards.
The west Norway company added: “This transaction represents a significant step forward to position Hofseth International for long-term sustainable growth, aligning with the company’s strategy to optimize its capital structure while supporting green investments.”
Hofseth was established in 2002, based on a vision that more of Norway’s fish should be processed close to where it is farmed. Since then, it has become a seafood company that covers the entire value chain in the production of salmon and trout.
Hofseth International says it has a 20-year track record of “profitable and responsible growth”. It operates across the full value chain from smolt production and farming to processing and global sales, serving major markets in the US, Europe, and Asia.
Roger Hofseth is the majority shareholder of Hofseth International, with approximately 48.7% of the shares. Other shareholders include the Japanese company Yokorei, which owns 14% of the shares.
Based on unaudited management figures, the company achieved a revenue of NOK 875 million (£65m) and an EBITDA of NOK 165 million (£12.2m) in July-August with a 40% increase in EBITDA over the same period last year.
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